New Survey Finds Many Americans Can't Afford Emergency Expenses

What's more of an emergency than an emergency? Not being able to afford it 🚨. A new poll conducted by The Bipartisan Policy Center shows that 30% of Americans don't have an emergency fund for unplanned expenses.

Here’s Five Fast Facts on the state of emergency funds in the US:

‍

1. 🚌 Struggle Bus: Those most likely to struggle to cover emergency expenses are parents and households with an income of less than $50,000 per year.
2. 💸 Coming Out of Retirement: 14% of those surveyed said they tapped their retirement savings accounts to pay for unexpected bills.
3. 🙅 Saving Schmaving: 12% of those polled who made over $100,000 a year said they have no plans to save for emergencies. 
4. 💡💼 A Potential Solution: The survey asked respondents if they'd be on board with an employer-sponsored emergency savings plan, where money would be contributed straight from their paychecks. 61% said yes.
5. ❗❗ You Forgot Something: The study only included working Americans. The stats would likely be higher if it included the 40% of unemployed citizens.

‍

🔥Bottom line: The pandemic threw many Americans into financial turmoil. Without additional stimulus checks, many are having trouble affording normal expenses, let alone emergencies. Solutions like employer sponsored savings accounts are a great step in combating financial insecurity.

‍

Do you have an emergency fund? Let us know by connecting with us on Social Media and be sure to share this newsletter with any friends & coworkers!

‍

Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!